SAN DIEGO—Prante Gerhard, a director at Cibus, Inc. (NASDAQ:CBUS), has sold 1,150 shares of the company's Class A common stock. The transaction, which took place on November 27, 2024, was executed at a price of $4.50 per share, amounting to a total value of $5,175. The sale comes as the $143.7 million market cap company's stock has declined 66% over the past six months, though InvestingPro analysis suggests the stock is currently undervalued.
Following this sale, Gerhard holds 68,657 shares directly. The sale was conducted automatically under a pre-established Rule 10b5-1 trading plan, which Gerhard adopted on August 16, 2024. This plan allows insiders to set up a trading schedule in advance to sell stocks at predetermined times, providing an opportunity to avoid concerns about insider trading. InvestingPro subscribers can access 8 additional key insights about CBUS, including detailed analysis of the company's financial health and growth prospects.
In other recent news, Cibus, a biotechnology company specializing in gene editing for agriculture, reported a net loss of $201.5 million during its third quarter 2024 earnings conference call. Despite this, the company remains optimistic about its future, highlighting its successful development of the Trait Machine process and partnerships with major seed companies. Jefferies, in a recent analysis, lowered its price target for Cibus to $5.00, maintaining a Hold rating on the stock. The company's path to free cash flow breakeven hinges on the successful development of either a soy or wheat trait, or the ability to get its product across 2 to 5 million acres. Looking ahead, the years 2025 to 2026 are expected to be significant for Cibus, as they are anticipated to validate the company's single-cell cloning platform. Cibus anticipates earning $200 million annually in royalties from rice traits in the U.S. and a further $150 million from expansion into Asian markets. The company is also planning to launch herbicide-resistant and Pod Shatter Reduction traits, targeting significant market opportunities in the U.S., Latin America, and Asia. In partnership with Albaugh, Cibus aims to aid in herbicide labeling in Latin America. These are among the recent developments that reflect Cibus's ongoing efforts to enhance agricultural productivity and sustainability through gene editing.
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